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Manifold Capital Suit Over $5M Escrow Fund Survives

Law360 (February 23, 2011, 4:04 PM EST) -- A New York state court judge Friday refused to toss Manifold Capital Corp.'s suit seeking to prevent former insurance subsidiary ACA Financial Guaranty Corp. from using $5 million set aside as part of a spinoff agreement.

Judge Bernard J. Fried of the Supreme Court of the State of New York, County of New York, largely rejected ACA FG's dismissal bid, saying more evidence was needed to determine the meaning of an indemnification-related provision in an agreement struck between the companies during a 2007 restructuring.

The claims...
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